Cannabis dispensary insurance in New York

While there are no cannabis business insurance requirements in New York state for running a dispensary, it's still a good idea to get coverage to keep your business protected. Dispensary owners should also consider the following policies:

• Product liability insurance covers legal costs if a customer sues over harm caused by a product sold at your dispensary, such as an adverse reaction to an edible. It’s often included in general liability insurance.
• Commercial property insurance helps pay for lost, damaged, or destroyed business property. For example, it can cover the cost of replacing stolen inventory or renovating a marijuana dispensary’s building after a fire.
• Property policies can include business interruption insurance, which covers costs when a fire or other covered property claim forces your business to close temporarily.
• Additionally, you may need inland marine insurance to protect property in transit or stored off-site, as property insurance only covers items at your business location.

While these are a top priority for cannabis sellers, they aren’t the only policies you need to run a business. You can start an application and get personalized insurance quotes for your business to find all the policies you need.

There are several requirements for running a cannabis facility in New York state.

Perhaps most important, you need a license from the OCM to open a dispensary or other cannabis business. To keep that license, you need to follow the OCM's rules about selling, storing, and transporting cannabis.

For example, New York requires cannabis businesses to:

• Maintain a written training manual that includes worker operating and safety procedures
• Adhere to NY cannabis tracking regulations, which includes using the BioTrack seed-to-sale system
• Install a security alarm system that includes video surveillance
• Follow marketing and advertising regulations, such as no advertisements near schools